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20110721
20110721
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billion in iraq and afghanistan to train the security forces, less than $10 billion to retrain our work force for the jobs of the future. well, mr. president, i see others have come on the floor. i'll wrap this up. deficit reduction is important. i'm not saying it isn't. but it is not the single-most important thing right now. the single-most important thing is to put people back to work. that will, as senator wyden said earlier, start to create the demand. it will spur more private investment as the federal government begins to invest in the future of this country. that's where we ought to be focusing on. once we get the wheels going again, once we get people back to work and the economy start to to -- starts to grow, that's when we start to reduce the deficit. to just focus on deficit reduction right now to the exclusion of putting people back to work reminds me of when doctors used to put leaches on people who were ill. it only made them more ill because it drained more blood out of their system. and most times proved fatal, as it did to our first president, george washington. our ur
social security but not the wife of a soldier in afghanistan. that's not such a good idea. maybe we won't pay the veterans benefit. we'll pay the idea. not such a good idea. what about those 12 million to 15 million students head ofd to college in the next few weeks with a student grant or staopbt loan from the federal government?shall we pay those je public colleges take care of their own? you see what can happen if we had a country, especially a country like the united states, which instead of paying all of its obleses on time, whether it is to china or japan or grandma or to the veteran, that we begin to selectively pay those bills when we had the money. i think i know what would happen. instead of being able to borrow money for ten years at 3%, we might have to pay a little more for it. let's say it just went from 3% to 4%, what would mean to us? it would mean, according to the congressional budget office, that the taxpayers would have to pay $1.3 trillion more in interest over ten years. so if it goes up to 5%, that's twice that. or it goes up to 3% -- that's what happens when you
be directly affected by a government default. paychecks for soldiers, in afghanistan and iraq and at bases around the world conceivably wouldn't go out. f.a.a. towers could shut down. border crossings could close. operations at the f.b.i. and the c.i.a. would be put at risk. safety inspections of the food that we eat and the cargo that enters our ports could halt. and the resulting spike in interest rates would ironically make our debt even harder to tackle because each 1% rise in interest rates alone would result in $130 billion in increased interest payments on our national debt each year. perhaps, most importantly, hard-working american families would also feel the crunch. a spike in interest rates would effectively force a tax on all americans and american businesses due to increased consumer costs. just as important, failure to raise the debt limit would lock up credit markets because the u.s. would no longer be seen as a reliable credit risk. coincidentally, mr. president, yesterday an important consumer protection law which senator lugar and i introduced and passed and you helped us
Search Results 0 to 2 of about 3